Ascent Capital Group’s wholly owned subsidiary, Monitronics International, completed the issuance of an incremental $550 million, 7-year senior secured term loan B offering to its existing Term Loan B.

Monitronics used the net proceeds to retire $492 million of the existing term loan, due in March 2018, and repaid $50 million of the company’s revolver. The new tranche bears interest at LIBOR plus 3.50%, subject to a LIBOR floor of 1.00%, and matures on April 9, 2022.

Concurrent with the offering, Monitronics amended its existing credit agreement, removing the Q3/15 senior secured and total leverage covenant step-downs, among other covenant changes.

“We are pleased to have completed this transaction, which results in an extension of a significant portion of our term debt, laddering our debt maturities through 2022 and providing us with greater operating and financial flexibility,” said Mike Meyers, CFO of Ascent and its subsidiary Monitronics International. “We believe the approved terms reflect the confidence the financial markets have in both our business model and our strong, flexible balance sheet. We appreciate the overwhelming support from our debt investors and our bank lenders.”